City embraces multiple trade opportunities offered by RCEP

Shortly after the Regional Comprehensive Economic Partnership agreement took effect on Jan 1, Koyo Bearing Dalian in the Liaoning coastal city of Dalian became the first approved exporter in Northeast China that can issue its own declaration of origin according to the RCEP arrangements.

Yu Xiuying, general manager of the company, said: "This means that our company can arrange its production and export of commodities more flexibly since it became such an exporter."

Its goods can enjoy the incentive of being cleared in imported countries, thus making deliveries more efficient, Yu said. The company's sales in the 2021 fiscal year — from April 2021 to March 2022 — rose 20 percent when compared with the planned amount, a new high since it was founded in 2001.

It mainly sells bearings to RCEP members such as Japan, South Korea, Singapore and Thailand.

To help companies grasp opportunities brought by the RCEP, the Dalian Area of China (Liaoning) Pilot Free Trade Zone and Dalian Customs have cooperated to map out measures to advance trade facilitation.

Li Hanguo, director of Dalian's commerce bureau, said Dalian has launched an action plan for implementing the agreement and has established the RCEP (Dalian) International Business District.

The city's imports and exports have accounted for about 60 percent of Liaoning province's total over the past decade. Dalian's exports have reached more than 200 countries and regions.